Revocation of existing designation

4. --(1)Â The existing designation for money laundering is revoked.

(2)Â In paragraph (1), "the existing designation for money laundering" means the designation of the Treasury, in Schedule 1 to the European Communities (Designation) (No.2) Order 1992(3), for measures relating to preventing the use of the financial system for the purpose of money laundering.

Judith Simpson

Clerk of the Privy Council

EXPLANATORY NOTE

(This note is not part of the Order)

This Order, which comes into force on 1stSeptember 2007, designates the Secretary of State and the Treasury so that they may each exercise the powers conferred by section 2(2) of the European Communities Act 1972 in relation to the prevention of money laundering and terrorist financing. This Order also revokes a designation of the Treasury that is superseded.

( 1 )

1972 c.68; section 2(2) was amended by section 27(1)(a) of the Legislative and Regulatory Reform Act 2006 (c.51). Back [1]

( 2 )

The Welsh Ministers may be designated for the purposes of section 2(2) by virtue of section 59(1) of the Government of Wales Act 2006 (c.32). Section 45(2) of the Government of Wales Act 2006 provides that in that Act and in any other enactment or instrument the First Minister and the Welsh Ministers appointed under section 48 are referred to collectively as the Welsh Ministers. Back [2]